...........The question that many in RBI’s Department of Banking Operations and Development (DBOD) – which has formulated many important norms in the past be it real estate exposure or gold loan – are asking is that RBI may issue licences but will it be able to take decisions independently without the interference of the government? DBOD will issue the final guidelines on banking licences and also vet the applications of the prospective entrants. In mid-2009, a note was prepared in RBI to debate whether to have more banks in the country. No decision was taken at that point in time. It had surprised many in the central bank that a finance minister in his Budget speech was announcing that RBI would consider issuing fresh licence – something unprecedented. This perhaps explains that pace at which the central bank approached the entire issue.
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